BMW boosts sales outlook for 2011

Share this article

German luxury automaker BMW raised Tuesday its 2011 outlook and said it now expects to sell significantly more than 1.5 million vehicles for the year.

"Group sales will reach markedly more than 1.5 million autos and increase for all three brands," chairman Norbert Reithofer said during the company's annual press conference.

BMW, which also owns the Mini and Rolls-Royce brands, presented most of its 2010 results last week when it said it should sell around 1.5 million vehicles this year, up from 1.46 million last year.

Munich-based BMW also said Tuesday that it wanted to "see its profit increase again this year."

It posted a net profit of €3.23 billion ($4.48 billion) for 2010, 15 times higher than the level a year earlier. Pre-tax profit should now exceed €4.84 billion, the record level set last year, the company said.

The BMW brand remains the group's core unit, with sales of 1.22 million autos last year.

Europe was the group's biggest market, followed by China and the United States. Sales were growing meanwhile in Brazil, India, Russia, South Korea and Turkey, Reithofer said.